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West Tax - Ch 2

Western Federal Taxation - Ch 2

acquiescence Agreement by the IRS on the results reached in certain judicial decisions; sometimes abbreviated Acq. or A.
Circuit Court of Appeals Any of 13 Federal courts that consider tax matters appealed from the U.S. Tax Court, a U.S. District Court, or the U.S. Court of Federal Claims. Appeal from a U.S. Court of Appeals is to the U.S. Supreme Court by Certiorari.
citator A tax research resource that presents the judicial history of a court case and traces the subsequent references to the case.
Court of original jurisdiction The Federal courts are divided into courts of original jurisdiction and appellate courts.
determination letter Upon the request of a taxpayer, the IRS will comment on the tax status of a completed trans. Determ ltrs are used to clarify emp status, det whether a ret or PSP qualifies under the Code, and det the tax-exempt status of certain nonprofit organizations.
Federal District Court A Federal District Court is a trial court for purposes of litigating Federal tax matters. It is the only trial court in which a jury trial can be obtained.
Finalized Regulation U.S. Treas Depart Regulations (abbreviated Reg.) represent the position of the IRS as to how the Internal Revenue Code is to be interpreted. Their purpose is to prov taxpayers and IRS pers with rules of general and specific apps to the var prov of tax law
Interpretive Regulation A Regulation issued by the Treasury Department that purports to explain the meaning of a particular Code Section. An interpretive Regulation is given less deference than a legislative Regulation.
Legislative Regulation Some Code Section give the Sec of Treas or delegate the auth to presc Reg to carry out the det of admin or to complete the op rules. Reg issued pursuant to this type of auth truly possess effect of law-Congress is alm deleg its leg power to the Treas Dept
letter ruling written resp of IRS to a taxpayer’s req for interpretation of the revenue laws, with respect to a proposed transaction (concerning the tax-free status of a reorganization). Not to be relied on as precedent by other than the party who requested the ruling.
nonacquiescence Disagreement by the IRS on the result reached in certain judicial decisions. Nonacq. or NA.
precedent A previously decided court decision that is recognized as authority for the disposition of future decisions.
Procedural Regulation A Regulation issued by the Treasury Department that is a housekeeping-type instruction indicating information that taxpayers should provide the IRS as well as information about the internal management and conduct of the IRS itself.
Proposed Regulation A Regulation issued by the Treasury Department in proposed, rather than final, form. The interval between the proposal of a Regulation and its finalization permits taxpayers and other interested parties to comment on the propriety of the proposal.
Revenue Procedure matter of proced importance to both taxpayers and IRS concerning the admin of the tax laws is issued as a Revenue Procedure (abbrev Rev.Proc.). A Rev Proc is first pub in Int Rev Bul (I.R.B.) and later transf to the appropriate Cumulative Bulletin (C.B.)
Revenue Ruling A Revenue Ruling (Rev.Rul.) is iss by the Natl Offc of IRS to express an offc interp of tax law as appl to specific trans. Its more ltd in app than a Reg. A Rev Rul is first pub in Int Rev Bul (I.R.B.) and later trans to the appr Cumulative Bulletin(C.B.)
Small Cases Division A division within the U.S. Tax Court where jurisdiction is limited to claims of $50,000 or less. There is no appeal from this court.
tax avoidance The minimization of one’s tax liability by taking advantage of legally available tax planning opportunities. Tax avoidance can be contrasted with tax evasion, which entails the reduction of tax liability by illegal means.
tax research The method used to determine the best available solution to a situation that possesses tax consequences. Both tax and nontax factors are considered.
technical advice memoranda (TAMs) TAMs are issued by the IRS in response to questions raised by IRS field personnel during audits. They deal with completed rather than proposed transactions and are often requested for questions related to exempt organizations and employee plans.
Temporary Regulation Reg issued by the Treas Dep in temp form. When speed is critical, the Treas Dep issues Temp Reg that take effect immed; these Reg have same authoritative value as Final Reg and may be cited as prec for 3 yr. Temp Reg are also issued as proposed Regs.
U.S. Court of Federal Claims A trial court (court of original jurisdiction) that decides litigation involving Federal tax matters. Appeal from this court is to the Court of Appeals for the Federal Circuit.
U.S. Supreme Court The highest appellate court or the court of last resort in the Federal court system and in most states.
U.S. Tax Court The U.S. Tax Court is one of four trial courts of original jurisdiction that decides litigation involving Federal income, death, or gift taxes. It is the only trial court where the taxpayer must not first pay the deficiency assessed by the IRS.
Writ of Certiorari Appeal from U.S. Court of Appeal to the U.S. Supr Court is by Writ of Certiorari. Supr Court need not accept the appeal, and it usually doesn't (cert. den.) unless conf exists among the lower courts that must be resol or a constitututional issue is involv
Created by: kberna1
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